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It has officially been 4 years since New Yorkers began subsidizing dirty, dangerous, and expensive nuclear energy. We have already been forced to pay over $2 billion in our utility bills to keep nuclear plants profitable—that’s around $1.5 million per day. Today, the cost of nuclear subsidies will rise again—to $590 million per year (around $1.6 million per day).
Since the day Governor Cuomo’s Public Service Commission (PSC) proposed the nuclear bailout, the total projected cost has done nothing but increase. The PSC’s original projection was $59 - $658 million total, which quickly ballooned to $2.9 billion. Now, this bailout is on track to reach $7.6 billion total by 2029—which is roughly the cost that opponents of the nuclear subsidies originally predicted. That’s over 128x the PSC’s original lowest projection, which allowed them to push the deal through in spite of great opposition.
It’s clear that in addition to the many safety and environmental justice issues that nuclear energy, uranium mining, and nuclear waste pose, nuclear power simply doesn’t make economic sense.
With nuclear costs rising and the cost of wind and solar plummeting, we must rethink this nuclear bailout. Learn more about the history of the nuclear bailout and the costs of nuclear compared to alternatives here.
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